• Monday, July 15, 2024
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Expert harps on financial literacy, calls for government support

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Olumayowa Olusoji, a seasoned expert, has harped on the pivotal role of financial literacy in empowering individuals and communities to make informed financial decisions.

Olusoji, who made this assertion at a recent media briefing, also called for robust government support to enhance financial education in the country.

Read also: 1,000 MSMEs get financial literacy empowerment through SheEnabled project

According to him, financial literacy is more than just understandsing basic financial concepts, stating that it encompasses the ability to manage finances effectively, make informed decisions, and plan for the future.

He emphasises the importance of equipping individuals with the knowledge and skills necessary to navigate the intricacies of personal finance.

“Financial literacy is the foundation of economic empowerment. It empowers individuals to take control of their financial destinies and build a secure future for themselves and their families.”

However, despite the undeniable importance of financial literacy, there are significant barriers to its widespread adoption. Accessibility and awareness remain key challenges, with essential financial education resources often out of reach for those who need them most, he noted.

He pointed out that “Many individuals, especially those from underserved communities, lack access to quality financial education resources. This lack of accessibility perpetuates financial inequality and exacerbates socio-economic disparities.”

To address these challenges and broaden the scope of financial education, Olusoji called for robust government support. He emphasises the need for policymakers to prioritise financial literacy initiatives and allocate resources to ensure their effectiveness.

“Government support is essential to scale up financial education efforts and reach a wider audience,” he stated. “By investing in financial literacy programs and initiatives, governments can empower individuals with the knowledge and skills they need to make sound financial decisions,” he asserted.

Furthermore, he advocated for collaboration between government agencies, financial institutions, and educational organisations to develop comprehensive financial education strategies.

He emphasises the importance of coordinated efforts in delivering impactful financial education programs that address the diverse needs of communities.